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A Deeper Understanding of Cryptocurrency

28, January 2015: In 2009 Bitcoin became the first cryptocurrency and the base for every crypto-coin that's arisen since Bitcoin was introduced by the pseudonymous developer Satoshi Nakamoto. 

Obtaining and using cryptocurrency is a bit more complex than digital payment services like, PayPal or Skrill, for starters there is no name or email address associated with an account. 

However, all cryptocurrencies have their own unique benefits. 

Bitcoins transactions are recorded on a public ledger, while Litecoin, was designed for lighting fast transactions and Quarkcoin has a more secure and safe system. 

Cryptocurrencies are kept in a virtual wallet where you have secret keys or codes which enable you spend your coins, as well as an address made up of numbers and letters which acts similar to a PayPal email address that you give to people when there sending you money. 

There are different types of bitcoin wallets, including desktop programs and mobile applications, which are perfect if you want to pay for goods in brick-and-mortar outlets. 

Some of them can be accessed online, but in case you end up with an incredibly large amount of bitcoins, you're likely better off keeping a reserve offline in what's known as "cold storage." 

While bitcoins stored online are more easily accessible, everything stored offline is much safer. 

Bitcoins don't have a physical form, however in addition to apps, programs and online services, there is another way to store cryptocurrency and that’s through "paper wallets."

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Source 

Cryptocurrencys cannot be bought using Credit Cards or PayPal due to possibility of the buyer requesting chargeback. 

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Kevin Cowley
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